NOTE 14—BENEFIT PLANS

DEFINED BENEFIT AND CONTRIBUTION PLANS

On January 31, 2014, the Company's non-qualified defined contribution Supplemental Executive Retirement Plan (the "Account Plan") for key employees designated by the Board of Directors was amended to eliminate the retirement plan contributions that have historically been made by the Company effective for calendar year 2015. The Company did not contribute to the Account Plan in 2014 and the Company's contribution expense for the Account Plan was $0.8 million and $0.1 million for fiscal 2013 and 2012, respectively.

The Company has a qualified 401(k) savings plan and a separate savings plan for employees residing in Puerto Rico, which cover all full-time employees who are at least 18 years of age and have completed the lesser of (1) six consecutive months of employment and have a minimum of 500 hours of service and (2) 12 consecutive months and have a minimum of 1,000 hours of service. The Company contributes the lesser of 50% of the first 6% of a participant's pre-tax contributions or 3% of the participant's compensation under both savings plans. For fiscal 2012, the Company's contributions were conditional upon the achievement of certain pre-established financial performance goals which were not met in fiscal 2012. The Company's contributions for fiscal 2013 and fiscal 2014 were not conditional on any financial performance goals. The Company's savings plans' contribution expense in fiscal 2014 and 2013 was $3.2 million and $3.5 million respectively. The Company had no contribution expense in fiscal 2012.

During the fourth quarter of fiscal 2012, the Company terminated its defined benefit pension plan and contributed $14.1 million to fully fund the plan on a termination basis. Accordingly, the Company has no further defined benefit pension expense. The participants' benefits were converted into a lump sum cash payment or an annuity contract placed with an insurance carrier. The Company used a fiscal year end measurement date for determining the benefit obligation and the fair value of Plan assets. The actuarial computations were made using the "projected unit credit method." Variances between actual experience and assumptions for costs and returns on assets were amortized over the remaining service lives of employees under the Plan.

Pension expense is as follows:

	Year ended
(dollar amounts in thousands)	February 2, 2013
Service cost	$	—
Interest cost		2,170
Expected return on plan assets		(2,658	)
Amortization of prior service cost		13
Recognized actuarial loss		1,896

Net Period Pension Cost		1,421
Settlement Charge		17,753

Net Period Pension Cost	$	19,174

DEFERRED COMPENSATION PLAN

The Company maintains a non-qualified deferred compensation plan that allows its officers and certain other employees to defer up to 20% of their annual salary and 100% of their annual bonus. Through fiscal 2013, the first 20% of an officer's bonus deferred into the Company's stock was matched by the Company on a one-for-one basis with Company stock that vests and is expensed over three years. The shares required to satisfy distributions of voluntary bonus deferrals and the accompanying match in the Company's stock are issued from its treasury account. On January 31, 2014, the Company amended the deferred compensation plan to eliminate the automatic matching employer contributions effective for fiscal 2014.

RABBI TRUST

The Company establishes and maintains a deferred liability for the non-qualified deferred compensation plan and the Account Plan. The Company plans to fund this liability by remitting the officers' deferrals to a Rabbi Trust where these are invested in variable life insurance policies. These assets are included in non-current other assets and are considered to be a Level 2 measure within the fair value hierarchy. Accordingly, all gains and losses on these underlying investments, which are held in the Rabbi Trust to fund the deferred liability, are recognized in the Company's Consolidated Statement of Operations. Under these plans, there were liabilities of $5.1 million at January 31, 2015 and $6.9 million at February 1, 2014, respectively, which are recorded primarily in other long-term liabilities.